“My grandma belongs to that credit union” is something I frequently hear. CU’s do a great job of serving their current, aging members. But we are going to have to change our focus very soon to providing services to our younger members. To quote Debbie Matz from the Board of the NCUA:
“Members age 18-24, who are about to enter their prime borrowing years, represent only 5% of adult credit union members. It is unnerving that more than half of all adult credit union members have aged beyond their prime borrowing years and there are very few young members to replace these aging members.”
CU’s need to change their mindset and starting making decisions for their future. We need not only to get these new members, but have products that fit their needs, a brand that they can associate with, and a way to provide them with greater financial opportunities.